Bitwise survey finds institutions held Bitcoin through drop as sovereign wealth fund tapped gold reserves
Bitwise's first institutional survey revealed that none of 15 major institutions sold crypto during Bitcoin's decline from $125,000 to $60,000, with one sovereign wealth fund selling gold and foreign exchange reserves to build its position.
Bitwise's inaugural institutional survey found that major institutions held firm during Bitcoin's steep drop from about $125,000 to $60,000. None of the 15 surveyed entities sold their crypto during the downturn, and several chose to increase their positions. Notably, one sovereign wealth fund disclosed that it was funding its crypto allocation by selling foreign exchange and gold reserves.[1][2][3]
According to Bitwise head of research Ryan Rasmussen, major institutions increasingly hold Bitcoin alongside gold as a hedge against currency debasement. Rasmussen also stated that he believes the $60,000 level marked the bottom of the cryptocurrency's decline.[1][2]
Key facts
- Bitwise interviewed 15 major institutions for its first institutional survey.
- None of the 15 surveyed institutions sold crypto during Bitcoin's drop from about $125,000 to $60,000, and several bought more.
- One sovereign wealth fund told Bitwise it was funding its crypto allocation by selling foreign exchange and gold reserves.
- Bitwise head of research Ryan Rasmussen stated that major institutions increasingly hold Bitcoin alongside gold as a hedge against currency debasement.
- Rasmussen stated that he believes $60,000 was the bottom of Bitcoin's decline.
Sources · 3 sources
- CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: Bitwise research shows major institutions are holding Bitcoin alongside gold Bitwise research head Ryan Rasmussen said none of the 15 institutions surveyed sold their crypto during Bitcoin’s drop from about $125,000 to $60,000, with several increasing their positions. https://t.co/4yXFMbH4nV
Open source - CB
Coin Bureau@coinbureauPost on X ·
🚨BULLISH: Sovereign wealth funds are reportedly selling GOLD to buy Bitcoin. Bitwise's head of research Ryan Rasmussen says major institutions increasingly hold Bitcoin alongside gold as a hedge against currency debasement. The firm's first institutional survey found none of the 15 major institutions it interviewed sold their crypto as Bitcoin fell from about $125,000 to $60,000. Several bought more. One sovereign wealth fund told Bitwise it was funding its crypto allocation by selling foreign exchange and gold reserves. Rasmussen says he believes $60,000 was the bottom.
Open source - CB
Crypto BriefingArticle ·
At least one sovereign wealth fund sells gold to buy Bitcoin, Bitwise reports The shift from gold to Bitcoin by a sovereign wealth fund signals growing institutional confidence in crypto as a reserve asset alternative. The post At least one sovereign wealth fund sells gold to buy Bitcoin, Bitwise reports appeared first on Crypto Briefing .
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